The Covid-19 pandemic is the one event of the twenty-first century that emphasises how vital health insurance is. The pandemic’s hospitalisation costs have severely reduced household savings for a sizeable portion of the Indian population, highlighting the importance of having an adequate health insurance plan to cover such unforeseen medical expenses. However, insurance premiums discourage many Indians from obtaining health insurance to protect themselves against the financial effects of hospitalisation, especially those who need it the most. Because of this, it’s critical to comprehend why premiums differ between people and what influences them negatively.
• Unhealthy Lifestyle – In India today, an unhealthy lifestyle is one of the main causes of several diseases like high blood pressure, diabetes, hypertension, and even heart-related conditions. While unhealthy behaviours like smoking, drinking, or chewing tobacco can result in severe illnesses like cancer, the more immediate effects include an increased risk of infections that lead to more frequent hospitalisation.
• Pre-Existing Conditions – Pre-existing conditions like diabetes, thyroid disease, asthma, high blood pressure, and even depression raise the cost of health insurance. A minimum waiting period before health insurance claims are accepted is one of the additional riders some insurance companies may have for people with these conditions. Ensure that you disclose such pre-existing conditions when purchasing a health insurance policy. Policy to ensure the ideal coverage in the event of hospitalisation orders can choose an add-on to cover the exclusions and get the necessary protection.
• High Body Mass Index – A high body mass index (BMI) is one of the leading risk factors for chronic illnesses affecting vital organs and can also cause other problems like joint damage that necessitate hospitalisation. Due to the increased risk of serious diseases that require lengthy hospital stays, people with a high BMI must pay insurance premiums that are relatively higher than those of people with a normal BMI. Even people who seem in good health should get regular checkups and take preventive measures to manage their weight before it rapidly increases.
• Hereditary – The medical histories of close relatives or inherited illnesses may also raise the cost of health insurance. Diseases like diabetes, cancer, and even heart conditions are frequently inherited. Although not limited to the diseases listed above, it is good to disclose all illnesses in one’s close family when acquiring health insurance to protect yourself.
• Insured’s Profession – The insured’s profession may also affect the applicable insurance premium, particularly for those who work in hazardous environments. This applies to people working in occupations like pilots who are more likely to sustain physical harm or develop complications over time, such as coal extraction, mining, shipping, and aviation industries. Therefore, to calculate the risk of indemnification in the event of a health complication, insurers require that the policyholders declare their correct profession and the industry in which they operate.
A health insurance premium calculator is a hassle-free and easy to use tool to determine the amount of premium you would need to pay.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
